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Saturday, February 18, 2012

KUALA LUMPUR: The combined wealth of Malaysia’s 40 richest individuals declined this year as the global credit crisis and weak equity markets took a toll on them.

Malaysia’s 40 richest were collectively worth RM193.2bil as at Jan 20, 2012, a decrease of 7% compared to RM206.37bil a year ago, said Malaysian Business in its Feb 16 issue.

The local stock market remained lacklustre on the back of worries that the US economy may be heading for a double-dip recession and China for a hard landing as a result of the euro debt crisis, Malaysian Business said in a news release yesterday.

On the bright side, there were 30 billionaires this year – three more than last year.

Based on the value of stakes in listed companies as at Jan 20, Hong Kong-based Robert Kuok still tops the list at RM45.7bil despite an 8% drop in his fortunes.

T. Ananda Krishnan remains at second, narrowing the gap, however, with RM42.99bil. The tycoon’s wealth is down by about 6% this year.

Public Bank’s Tan Sri Teh Hong Piow remains third with a fortune that has remained relatively intact at RM12.64bil, a 1% decline from before.

Tiong’s wealth is estimated at RM6.41bil while Ong’s soared by 23% to RM4.92bil.

The three newcomers are Datuk A.K. Nathan of Eversendai Cor­poration Bhd and Ngau Boon Keat of Dialog Group Bhd, who both made it into the list for the first time, while Datuk Abdul Hamed Sepawi of Ta Ann Holdings Bhd returned after a lapse of four years.